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Assignment 3 The following data for 2020 relate to Hay Industries, a worldwide conglomerate. Sales to IntersegmentOperatingldentifiab unaffiliated sales profit assets customers (loss) Food $ 300,000 $50,000 $ 45,000$ 310,00 Chemical 110,000 40,000 23,000 150,000 Textiles 65,000 5,000 (8,000) 60,000 Furniture 48,000 9,000 40,000 Beverage 62,000 10,000 18,000 60,000 Oil 15,000 (2,000) 25,000 Cost of goods sold Operating expenses Food $91,500 Chemical 38,100 ? Textiles 23,400 54,600 Furniture 11,700 27,300 Beverage 16,100 ? Oil 5,100 11,900 REQUIRED: Answer the following questions related to Hay's required segment disclosure and show computations: a) Determine which of the operating segments are reportable based on the: i. Revenue test. ii. Operating profit (loss) test. i. Identifiable assets test. Is additional reportable segment under 75% revenue test is satisfied? Show the computations. b) Prepare the necessary operating segment disclosures required by IFRS. c)

Assignment 3 The following data for 2020 relate to Hay Industries, a worldwide conglomerate. Sales to IntersegmentOperatingldentifiab unaffiliated sales profit assets customers (loss) Food $ 300,000 $50,000 $ 45,000$ 310,00 Chemical 110,000 40,000 23,000 150,000 Textiles 65,000 5,000 (8,000) 60,000 Furniture 48,000 9,000 40,000 Beverage 62,000 10,000 18,000 60,000 Oil 15,000 (2,000) 25,000 Cost of goods sold Operating expenses Food $91,500 Chemical 38,100 ? Textiles 23,400 54,600 Furniture 11,700 27,300 Beverage 16,100 ? Oil 5,100 11,900 REQUIRED: Answer the following questions related to Hay's required segment disclosure and show computations: a) Determine which of the operating segments are reportable based on the: i. Revenue test. ii. Operating profit (loss) test. i. Identifiable assets test. Is additional reportable segment under 75% revenue test is satisfied? Show the computations. b) Prepare the necessary operating segment disclosures required by IFRS. c)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Assignment 3 The following data for 2020 relate to Hay Industries, a worldwide conglomerate. Sales to IntersegmentOperatingidentifiab unaffiliated sales profit assets customers (loss) Food $ 300,000 $ 50,000 $ 45,000 $ 310,00 Chemical 110,000 40,000 23,000 150,000 Textiles 65,000 5,000 (8,000) 60,000 Furniture 48,000 9,000 40,000 Beverage 62,000 10,000 18,000 60,000 Oil 15,000 (2,000) 25,000 Cost of goods sold Operating expenses Food $91,500 Chemical 38,100 Textiles 23,400 54,600 Furniture 11,700 27,300 Beverage 16,100 ? Oil 5,100 11,900 REQUIRED: Answer the following questions related to Hay's required segment disclosure and show computations: a) Determine which of the operating segments are reportable based on the: i. Revenue test. ii. Operating profit (loss) test. ii. Identifiable assets test. b) Is additional reportable segment under 75% revenue test is satisfied? Show the computations. c) Prepare the necessary operating segment disclosures required by IFRS.
Transcribed Image Text:Assignment 3 The following data for 2020 relate to Hay Industries, a worldwide conglomerate. Sales to IntersegmentOperatingidentifiab unaffiliated sales profit assets customers (loss) Food $ 300,000 $ 50,000 $ 45,000 $ 310,00 Chemical 110,000 40,000 23,000 150,000 Textiles 65,000 5,000 (8,000) 60,000 Furniture 48,000 9,000 40,000 Beverage 62,000 10,000 18,000 60,000 Oil 15,000 (2,000) 25,000 Cost of goods sold Operating expenses Food $91,500 Chemical 38,100 Textiles 23,400 54,600 Furniture 11,700 27,300 Beverage 16,100 ? Oil 5,100 11,900 REQUIRED: Answer the following questions related to Hay's required segment disclosure and show computations: a) Determine which of the operating segments are reportable based on the: i. Revenue test. ii. Operating profit (loss) test. ii. Identifiable assets test. b) Is additional reportable segment under 75% revenue test is satisfied? Show the computations. c) Prepare the necessary operating segment disclosures required by IFRS.
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